Bolivian bank Banco Bisa has launched a stablecoin custody service, enabling clients to buy, sell, and transfer Tether’s USDT.
Crypto Adoption Gains Momentum in Bolivia:
Banco Bisa, a major Bolivian bank, has introduced a USDT custody service, allowing clients to hold, send, and receive stablecoins, including cross-border transfers. This move is supported by Bolivia’s financial regulator, ASFI, as it ensures that crypto transactions occur within a secure regulatory environment, reducing potential risks.
Banco Bisa’s Vice President of Business, Franco Urquidi, noted that customers would undergo a verification process to ensure secure transactions.
Bolivia’s Shift on Cryptocurrency:
Bolivia initially banned cryptocurrencies in 2014 to protect the national currency, prohibiting any currency not issued by the government. However, the country revised its position in 2024, lifting the ban on Bitcoin and crypto payments, allowing financial institutions to handle digital asset transactions.
This regulatory change, made to boost the Bolivian economy and align with other Latin American crypto policies, led to a 100% increase in virtual asset trading, with an average of $15.6 million traded monthly from July to September. While Bolivia has softened its stance, a formal tax framework for crypto transactions has yet to be implemented.
